Apple released a new Apple TV update (5.0.1) today. Primarily a bug fix, the update addresses the following issues:
– iTunes previews: Previews for movies and TV shows from the iTunes Store can now be viewed in HD.
– AirPlay: Fixes an issue that caused some iOS apps to have trouble connecting via AirPlay.
– Home Sharing: Improves the reliability of Home Sharing connections.
– Netflix: Addresses an issue affecting Netflix login and navigation.
– Stability and performance: Includes fixes for issues affecting stability and performance.
You can update your Apple TV by selecting Settings > General > Update Software on your unit.